Group 1 - Zhongda Group Holdings (00139) holds a stake of no more than 5% in GIBO, which is set to begin trading on the Nasdaq stock market on May 9, 2025 [1] - GIBO aims to transform content creation and consumption through artificial intelligence (AI) and has developed a unique integrated AIGC animation streaming platform catering to a large young audience in Asia [1] Group 2 - As of June 30, 2024, GIBO has approximately 72 million registered users, including around 61,000 content creators from 15 Asian countries and regions [2] - Since its launch in September 2023, GIBO has an average of 27.6 million monthly active users [2] - GIBO.ai, launched in September 2023, utilizes advanced generative AI technology for creating animation video content and focuses on building a sustainable ecosystem for content creators [2]

Financial Performance - The Group recorded a revenue of approximately HK$75.7 million for the year ended 31 December 2024, a decrease of 16.5% compared to HK$90.2 million for the year ended 31 December 2023[12]. - The loss before tax for the year was approximately HK$83.2 million, an improvement from a loss of approximately HK$133.8 million for the year ended 31 December 2023[12]. - The net loss after income tax for the year was approximately HK$83.2 million, compared to a net loss of approximately HK$133.9 million in the previous year[13]. - Basic loss per share attributable to owners of the Company for the year was approximately HK$0.49 cent, improved from a loss of approximately HK$0.80 cent in the previous year[13]. - The Group recorded a net other comprehensive gain of approximately HK$1.6 million for the year, compared to a loss of HK$221.7 million the previous year[97]. - The Group's loss for the year was HK$83,163,000, compared to a loss of HK$133,851,000 in the previous year, showing an improvement of 37.8%[141]. Revenue Sources - Revenue from Debt Capital Market (DCM) services was approximately HK$5.5 million, down from HK$39.5 million in the previous year, reflecting a significant decline due to a challenging operating environment[12]. - Commission income from securities dealing was approximately HK$5.5 million, slightly up from HK$5.3 million in the previous year, while interest income from securities margin increased significantly to approximately HK$25.1 million from HK$9.2 million[23]. - Interest income from money lending business was approximately HK$30.1 million, while interest income from securities margin was approximately HK$25.1 million[96]. Economic Outlook - The Hong Kong economy is expected to maintain growth momentum, with GDP growth for the year at 2.5%, following a contraction of 3.2% in 2023[14]. - Hong Kong's economy is expected to face slower growth due to challenges from China's economic slowdown and high interest rates[90]. Asset Management - As of December 31, 2024, assets under management reached approximately US$210.2 million, down from US$234.3 million as of December 31, 2023[33]. - The Group's net asset value as of December 31, 2024, was approximately HK$733.1 million, down from HK$776.7 million as of December 31, 2023[97]. - The total assets of the Group as of December 31, 2024, were HK$1,027,697,000, a slight decrease from HK$1,040,024,000 in 2023[143]. - Total liabilities increased to HK$294,570,000 in 2024 from HK$263,340,000 in 2023, reflecting a rise of 11.67%[143]. - The net assets of the Group decreased to HK$733,127,000 in 2024 from HK$776,684,000 in 2023, indicating a decline of 5.58%[143]. Loan Portfolio - The Group has 11 outstanding loans to individual customers totaling approximately HK$406,911,400, with interest rates ranging from 5% to 7%[43]. - There are 6 outstanding loans to corporate customers totaling approximately HK$144,700,000, with an interest rate of 7%[43]. - The total gross loan receivable amounted to approximately HK$521.0 million, an increase from HK$438.6 million as of December 31, 2023[88]. - The Group's five largest loan receivables accounted for approximately HK$330.9 million or 63.5% of total loan receivables, down from 75.7% in the previous year[88]. - Interest income from the money lending business during the year was approximately HK$30.1 million[88]. - The Group recognized expected credit loss allowances (ECLs) on loan receivables amounting to approximately HK$20.6 million, a significant increase from HK$0.1 million in the previous year[89]. Credit Policy and Risk Management - The Group will maintain a prudent credit policy and risk management approach to achieve a sustainable business environment[23]. - The company has established a Credit Committee to oversee credit policies and procedures[57]. - Credit assessments include verification of identity, financial situation, and repayment capabilities[59]. - For significant lending transactions (5% or more of total assets), a detailed credit review is conducted[60]. - The company considers factors such as borrower credibility and loan amount when determining loan terms[66]. - All existing customers are either business contacts or referrals from executive Directors to minimize default risks[67]. Strategic Initiatives - The Group aims to diversify investment portfolios in response to market opportunities, focusing on fixed income instruments and offshore US dollar-denominated bonds issued by Chinese institutions[32]. - The Group plans to focus future investments on shares in leading global AI companies, indicating a strategic shift towards technology-related sectors[91]. - The Group will actively seek opportunities for business expansion despite the challenging external environment[91]. Acquisitions - The acquisition of Target Company 1 was agreed for a total consideration of HK$60 million, representing 100% of its issued share capital, and is expected to be completed by 31 March 2025[113][118]. - The acquisition of Target Company 2 was agreed for a total consideration of HK$60 million, representing 51% of its issued share capital, and is expected to be completed by 31 March 2025[119][121]. - The financial results of Target Company 1 will be consolidated with the Group for the year ending 31 December 2025 following its acquisition completion[119]. - The financial results of Target Company 2 will also be consolidated with the Group for the year ending 31 December 2025 following its acquisition completion[121]. Share Options and Capital Structure - The 2013 Share Option Scheme was terminated on June 8, 2023, with no further options to be granted under it[176]. - A new 2023 Share Option Scheme was adopted on June 8, 2023, to provide incentives to eligible participants[177]. - As of January 1, 2024, there were 157,595,046 options available for grant under the 2023 Share Option Scheme[178]. - The total number of shares that may be issued upon exercise of all share options under the scheme must not exceed 1,723,404,550 shares[179]. - As of December 31, 2024, the number of share options available for grant under the 2023 Share Option Scheme was nil[180]. - The total number of share options outstanding is 3,193,830,000, with 1,880,999,596 granted during the year[184]. - The weighted average exercise price of options granted in 2023 is HK$0.027, with a total of 1,182,990,000 options remaining unexercised[184]. - The total number of share options exercised during the year is 524,499,596, with 159,600,000 lapsing[184]. - The company has set performance targets for grantees of share options, which must be met for options to vest[185]. Corporate Governance - No directors or chief executives had any interests or short positions in the shares or underlying shares of the Company as of December 31, 2024, except as disclosed[191]. - There were no rights granted to directors or their family members to acquire shares or debentures of the Company during the year[193]. - The issued share capital of Golden Horse Hong Kong Investment Limited was wholly owned by Future World Holdings Limited, which is deemed to be interested in the shares[198].

Group 1 - Microbull's stock price surged over 10% to $13.25 on its first trading day after going public via DE-SPAC on Nasdaq, and on the second trading day, it experienced a peak increase of over 500%, closing up 374.7% with a total market capitalization of $29.6 billion [1] - GIBO, a Malaysian AI company specializing in AIGC animation streaming, is set to go public soon, with an estimated pre-IPO valuation of approximately $8.28 billion, and is expected to perform well in the market following Microbull's success [1] - GIBO's advanced AIGC technology and broad market prospects are anticipated to generate significant market interest post-IPO, potentially leading to rapid growth in its market capitalization [1] Group 2 - Zhongda Group Holdings has fully transitioned into the AI sector and is becoming a significant player in the Hong Kong AI market, holding shares in GIBO and actively participating in its media relations and content ecosystem development [2] - As GIBO progresses towards its IPO and its market value increases, the value of Zhongda Group Holdings' shares in GIBO is expected to rise significantly, enhancing its financial performance and asset quality [2] - The capital appreciation from GIBO's success will strengthen Zhongda Group Holdings' influence and competitiveness in technology investments, positioning the company for long-term growth in the tech revolution [2]

Group 1 - Bukit Jalil Global Acquisition 1 Ltd. is in the final stages of merging with GIBO Holdings Limited, a leading AIGC animation streaming platform, with the merger expected to complete around April 7, valuing the combined company at $8.28 billion [1] - GIBO has focused on AIGC technology since its establishment in 2019, achieving an annual growth rate exceeding 300%, and aims to accelerate technological iteration and global expansion through the SPAC merger [2] - The strategic partnership with Zhongda Group Holdings Limited enhances GIBO's media relations and content ecosystem, positioning it as a key player in GIBO's global strategy [2] Group 2 - Zhongda Group Holdings has announced a board meeting on April 9 to review a special dividend plan, reflecting the company's financial stability and providing short-term returns to shareholders [3] - The stock price of Zhongda Group Holdings has surged nearly 200% since March, indicating strong market recognition of its AI strategy and the potential for valuation reassessment [3] - The combination of GIBO's capital appreciation, the special dividend effect, and Zhongda Group's ongoing investments in AI is expected to support long-term value creation and competitive positioning in the tech revolution [3]

Group 1 - The company will hold a board meeting on April 9 to review a special dividend distribution plan, indicating management's confidence in the company's future [1] - The announcement of special dividends typically attracts market attention, with historical data showing that high dividend stocks often see price increases following such announcements [1] - The company is accelerating its strategic layout in the AI sector, having approved a global AI strategic investment plan aimed at major tech companies like Nvidia, Tesla, and Meta [1] Group 2 - The company has entered into a strategic partnership with the well-known AI content platform GIBO, acquiring up to 5% of its shares, which will enhance its position in the AI ecosystem [2] - GIBO has a remarkable annual revenue growth rate of 300% and is advancing its plans for a U.S. stock market listing with a valuation of $8.28 billion [2] - The company's stock has seen a significant increase of 110% in March, with trading volume expanding over tenfold, reflecting market recognition of its new AIGC concept stock status [2]

Financial Performance - For the fiscal year ending December 31, 2024, total revenue was HKD 75,708,000, a decrease of 16% from HKD 90,160,000 in 2023[2] - The company reported a net loss of HKD 83,163,000 for the year, an improvement from a loss of HKD 133,851,000 in the previous year, indicating a reduction in losses by approximately 38%[4] - The basic and diluted loss per share improved to HKD 0.49 from HKD 0.80, showing a 38.75% reduction in loss per share[3] - The group reported a total loss of HKD 83,163,000 for the year, with a significant loss from the share of an associate amounting to HKD 24,545,000[15] - The group reported a total loss of HKD 133,851,000 for the year, with significant losses from brokerage and commission activities[16] - The company recorded a pre-tax loss of HKD 46,215,000 in 2024, a significant decrease from HKD 93,820,000 in 2023[26] - The net loss attributable to the company's owners after tax for the current year was approximately HKD 83,200,000, compared to HKD 133,900,000 in the previous year[51] Revenue Breakdown - For the year ending December 31, 2024, total revenue was HKD 75,708,000, with financial investments and services contributing HKD 38,842,000, brokerage and commission contributing HKD 36,107,000, and other enterprises contributing HKD 759,000[15] - Revenue from external customers in Hong Kong decreased to HKD 74,949,000 in 2024 from HKD 78,170,000 in 2023, a decline of approximately 4.0%[20] - Revenue from external customers in China significantly dropped to HKD 759,000 in 2024 from HKD 11,990,000 in 2023, representing a decline of approximately 93.7%[20] - Revenue from debt capital market services was approximately HKD 5,500,000 for the current year, compared to HKD 39,500,000 for the previous year, reflecting a challenging operating environment in the US dollar bond market in China[51] Expenses and Liabilities - Administrative expenses decreased to HKD 59,296,000 from HKD 165,781,000, reflecting a reduction of 64%[3] - Current liabilities increased to HKD 291,796,000 from HKD 262,812,000, marking an increase of 11%[6] - The total loans receivable increased from HKD 438,619 thousand in 2023 to HKD 520,970 thousand in 2024, a growth of 18.7%[34] - The expected credit loss provision for loans receivable is approximately HKD 20,600,000, significantly higher than HKD 100,000 as of December 31, 2023[78] Assets and Investments - The company’s total assets decreased to HKD 1,027,697,000 from HKD 1,040,024,000, a decline of about 1.2%[5] - The net asset value decreased to HKD 733,127,000 from HKD 776,684,000, a decline of approximately 5.6%[6] - Non-current assets in Hong Kong increased to HKD 577,796,000 in 2024 from HKD 211,293,000 in 2023, a significant increase[20] - The fair value of equity investments through other comprehensive income rose from HKD 2,638 thousand in 2023 to HKD 4,185 thousand in 2024, representing a 58.7% increase[32] Customer Concentration - The company's five largest customers accounted for approximately 28.44% of total revenue in 2024, up from 23.25% in 2023[21] - The largest customer accounted for approximately 6.45% of total revenue, while the top five customers represented 28.44%, indicating a slight increase in customer concentration risk[81] Strategic Initiatives - The group plans to focus on expanding its business in artificial intelligence (AI) and related fields, seeking investment opportunities in leading global AI companies[79] - The group has entered into a conditional agreement to acquire 100% of the equity of Target Company 1 for a total consideration of HKD 60,000,000, which is expected to be completed by March 31, 2025[85] - The group has also agreed to purchase 51% of the equity of Yao Cai Investment Limited for HKD 60,000,000, further expanding its investment portfolio[86] Credit and Risk Management - The company has established a credit committee to oversee lending policies and procedures, ensuring compliance with credit assessments[66] - The company maintains a prudent credit policy and risk management approach to achieve sound financial management and sustainable business development[78] - The credit review process for significant loan transactions (5% or more of total assets) is conducted according to standard business practices[69] Economic Context - The Hong Kong economy grew by 2.5% in 2024, recovering from a contraction of 3.2% in 2023, although private consumption continued to decline[52] - The group anticipates a decrease in the issuance volume of offshore bonds in China due to high USD financing costs and a sluggish real estate market[79]

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$26,061,000, a decrease of 68.1% compared to HK$81,577,000 for the same period in 2023[3]. - Gross profit for the period was HK$18,208,000, down 72.2% from HK$65,536,000 in the previous year[3]. - Loss for the period was HK$13,958,000, compared to a loss of HK$30,511,000 for the same period in 2023, representing a 54.3% improvement[3]. - Basic and diluted loss per share attributable to owners of the company was HK(0.08) cent, compared to HK(0.18) cent in the previous year[3]. - Total comprehensive loss for the period was HK$14,760,000, a decrease from HK$33,570,000 in the same period last year[5]. - The company reported a loss before income tax improved to HK$13,958,000 from HK$31,036,000 in the previous year, marking a 55.0% reduction[3]. - The Group recorded a net other comprehensive loss of approximately HK$0.8 million, an improvement from HK$3.1 million in the same period last year[135]. Assets and Liabilities - Total non-current assets increased significantly to HK$527,280,000 as of June 30, 2024, compared to HK$229,577,000 at December 31, 2023, representing a growth of 129.5%[6]. - Total current assets decreased to HK$569,765,000 from HK$810,447,000, a decline of 29.6%[6]. - The Group's total liabilities were HK$321,490,000, with segment liabilities of HK$70,000 in financial investments and services, HK$141,551,000 in brokerage and commission, and HK$8,718,000 in corporate and others[23]. - The Group's gearing ratio as of June 30, 2024, was approximately 22.1%, slightly up from 21.7% as of December 31, 2023, with total borrowings of approximately HK$171.1 million[142][143]. Cash Flow and Financing - The net cash flows used in operating activities for the six months ended June 30, 2023 were HK$5,272,000, a significant decrease from HK$76,199,000 in the same period last year[12]. - The company reported a net cash outflow from investing activities of HK$2,144,000 for the six months ended June 30, 2023, compared to HK$93,075,000 in the previous year[12]. - Cash and cash equivalents at the end of the period were HK$7,976,000, down from HK$27,352,000 at the end of the previous year[12]. - The Group had bank overdrafts of approximately HK$11.4 million and interest-bearing bank borrowings of approximately HK$10 million as of June 30, 2024[136]. Segment Performance - For the six months ended June 30, 2024, the Group's total revenue was HK$26,061,000, with segment revenues of HK$15,932,000 from financial investments and services, HK$9,406,000 from brokerage and commission, and HK$723,000 from corporate and others[23]. - Segment results for financial investments and services showed a profit of HK$18,514,000, while brokerage and commission and corporate and others reported losses of HK$9,141,000 and HK$18,053,000 respectively[23]. - The brokerage and commission segment's revenue decreased from HK$44,571,000 in the six months ended June 30, 2023, to HK$9,406,000 in the same period of 2024, indicating a significant decline[25]. Share Capital and Equity - Share capital increased to HK$172,340,000 from HK$167,573,000, representing a growth of 2.3%[7]. - Total equity attributable to equity shareholders decreased to HK$775,527,000 from HK$776,656,000, a decline of 0.2%[7]. - The total issued and fully paid share capital increased to HK$172,340,000 as of June 30, 2024, from HK$167,573,000 at the end of 2023, reflecting an increase of 2%[65]. Loan and Credit Management - Loan receivables from the money lending business surged to HK$345,391,000, up from HK$30,608,000, marking an increase of 1,128.5%[6]. - The Group's five largest loan receivables accounted for approximately HK$330.9 million or 73.2% of total loan receivables, compared to 75.7% in the previous period[127]. - The Group's management continues to monitor and approve the granting of loans, ensuring strategic alignment with its business objectives[44]. Market Conditions and Strategic Focus - The external environment remains challenging, impacting the Group's DCM services and overall economic growth prospects[129]. - The Group plans to actively seek opportunities in new energy vehicles and artificial intelligence technology to expand its business scope[129]. - The company aims to maintain a prudent credit policy and risk management approach to achieve a sustainable business environment[96]. Corporate Governance and Compliance - The Audit Committee has reviewed the Company's unaudited interim condensed consolidated financial statements for the Period[174]. - The Company confirmed compliance with the Model Code for securities transactions by directors during the Period[177]. - The Company has complied with the Corporate Governance Code throughout the Period[171].

Revenue Performance - For the six months ended June 30, 2024, total revenue was HKD 26,061,000, a decrease of 68.1% compared to HKD 81,577,000 for the same period in 2023[1] - Total revenue for the six months ended June 30, 2024, was HKD 26,061,000, compared to HKD 81,703,000 for the same period in 2023, representing a decrease of approximately 68.1%[11] - Revenue for the six months ended June 30, 2024, was HKD 26,061,000, a decrease from HKD 81,577,000 for the same period in 2023, representing a decline of approximately 68.1%[13] - The revenue from debt capital market services was approximately HKD 5,400,000, down from HKD 36,900,000 in the previous year, reflecting a challenging operating environment in the USD bond market in China[43] - The company recorded revenue of approximately HKD 26,100,000 for the six months ended June 30, 2024, a significant decrease of 68.1% compared to HKD 81,600,000 for the same period in 2023[43] Profit and Loss - The company reported a net loss of HKD 13,958,000 for the period, compared to a net loss of HKD 30,511,000 in the previous year, representing a 54.3% improvement[2] - The company reported a loss before tax of HKD 13,958,000 for the six months ended June 30, 2024, compared to a loss of HKD 31,036,000 for the same period in 2023[11][12] - The company reported a pre-tax loss of approximately HKD 13,900,000 for the current period, compared to a pre-tax loss of approximately HKD 31,000,000 for the same period last year[43] - The basic and diluted loss per share for the period was HKD 0.08, an improvement from HKD 0.18 in the same period last year[2] - Basic loss per share for the period was HKD 0.826, based on a weighted average of 16,903,112,755 shares, compared to HKD 1.794 for the same period in 2023[18][19] Expenses and Costs - Brokerage and commission income dropped to HKD 9,406,000, down 78.9% from HKD 44,571,000 year-on-year[1] - Gross profit for the period was HKD 18,208,000, a decline of 72.2% from HKD 65,536,000 in the prior year[1] - Administrative expenses decreased significantly to HKD 33,523,000, down 63.0% from HKD 90,698,000 year-on-year[2] - Other income and gains netted HKD 1,926,000, a decrease of 33.1% compared to HKD 2,878,000 in the previous period[2] - Interest expenses decreased to HKD 4,257,000 for the six months ended June 30, 2024, down from HKD 9,661,000 in the same period of 2023, representing a reduction of approximately 56.0%[15] Assets and Liabilities - The company's total assets as of June 30, 2024, were HKD 776,083,000, slightly down from HKD 777,212,000 at the end of 2023[4] - The total assets as of June 30, 2024, amounted to HKD 1,097,045,000, a decrease from HKD 1,432,571,000 as of June 30, 2023[12] - Current liabilities increased to HKD 320,962,000 from HKD 262,812,000, indicating a rise of 22.1%[4] - The total liabilities as of June 30, 2024, were HKD 321,490,000, compared to HKD 354,852,000 as of June 30, 2023, indicating a reduction of approximately 9.4%[12] - The company's equity attributable to shareholders was HKD 775,527,000, a slight decrease from HKD 776,656,000 at the end of the previous year[6] Lending and Investment Activities - Interest income from lending activities increased to HKD 14,034,000, compared to HKD 13,534,000 in the previous year, reflecting a growth of 3.7%[13] - Total receivables from lending activities amounted to HKD 452,023,000 as of June 30, 2024, an increase from HKD 438,619,000 as of December 31, 2023[21] - The five largest loans accounted for approximately HKD 330,900,000, representing 73.2% of total loans receivable[65] - The company has established a credit committee to oversee lending policies and procedures, ensuring compliance with credit assessments[55] - The lending business is primarily conducted through a wholly-owned subsidiary, which provides both secured and unsecured loans to clients[51] Market and Economic Conditions - The Hong Kong economy showed slight growth in the first half of 2024, driven by inbound tourism and private consumption, despite challenges from geopolitical tensions and high interest rates[44] - The company anticipates a significant decline in the issuance of offshore bonds in China, particularly in the pressured real estate sector[67] - The company believes that the Chinese bond market, being the second largest in the world, presents significant opportunities for returns and expects continued market growth[47] Corporate Governance and Compliance - The company has adopted a code of conduct regarding securities trading by its directors, ensuring compliance with the relevant regulations[79] - The audit committee has reviewed the company's interim financial statements and discussed financial reporting matters[78] - The company continues to maintain its accounting policies consistent with those used in the audited financial statements for the year ended December 31, 2023[8]

Financial Performance - The Group recorded a revenue of approximately HK$90.2 million for the year ended December 31, 2023, a decrease of 67.5% compared to HK$277.8 million for the year ended December 31, 2022[12]. - The net loss before income tax for the year was approximately HK$133.8 million, compared to a net loss of approximately HK$103.3 million for the previous year, indicating a worsening financial performance[12]. - The net loss after income tax for the year was approximately HK$133.9 million, compared to HK$106.1 million for the year ended December 31, 2022, reflecting a significant increase in losses[13]. - Basic loss per share attributable to owners of the Company for the year was approximately HK0.80 cents, compared to a basic loss of approximately HK0.67 cents for the previous year[13]. - The Group's other comprehensive loss for the year was approximately HK$221.7 million, primarily due to a decrease in fair value of equity investments[111][113]. - The Group reported a loss before income tax of HK$133,756,000 for 2023, compared to a loss of HK$103,318,000 in the previous year[150]. - The Group's net assets as of December 31, 2023, were HK$776,684,000, down from HK$1,105,074,000 in 2022, indicating a decrease of 29.8%[152]. - The Group does not recommend the payment of any dividend for the year ended December 31, 2023[139]. Economic Environment - The Hong Kong economy showed a real GDP growth of 3.2% for the year, recovering from a contraction of 3.7% in 2022, driven by inbound tourism and private consumption[14]. - The unemployment rate in Hong Kong remained at 2.9% in the fourth quarter of 2023, indicating gradual improvement in the labor market despite external challenges[15]. - Total exports of goods decreased by 7.8% and imports decreased by 5.7% over 2022, impacted by a weaker global economy[16]. - The Hang Seng Index dropped from 19,570 points to 17,047 points during the year, reflecting deteriorating investor sentiment amid high interest rates and geopolitical tensions[20]. Debt and Lending Operations - The Group recorded unrealized losses on equity, fund, and debt investments at fair value through profit or loss of approximately HK$5.4 million[43]. - The Group will continue to strengthen its services and broaden its service range to provide one-stop service to customers[28]. - As of December 31, 2023, the Group had 14 outstanding loans to individual customers totaling approximately HK$421,611,400 with interest rates ranging from 5% to 7% and 5 outstanding loans to corporate customers totaling approximately HK$75,700,000 at an interest rate of 7%[47]. - The total principal amount of outstanding loans is approximately HK$497,311,400, reflecting the Group's active lending portfolio[52]. - The interest income from the money lending business for the year was approximately HK$27.4 million[97][110]. - The Group recognized expected credit loss allowances (ECLs) on loan receivables of approximately HK$0.1 million, a significant decrease from HK$13.2 million in the previous year[98][102]. Assets and Liabilities - The total assets of the Group as of December 31, 2023, were HK$1,040,024,000, down from HK$2,053,900,000 in 2022, representing a decline of 49.5%[152]. - Total liabilities decreased to HK$263,340,000 in 2023 from HK$948,826,000 in 2022, a reduction of 72.2%[152]. - The Group's cash and bank balances decreased to approximately HK$22.6 million from HK$62.4 million in the previous year[116]. - The Group's gearing ratio was approximately 21.7% as of December 31, 2023, slightly up from 20.5% in the previous year[119]. Share Options and Corporate Governance - The company terminated the 2013 Share Option Scheme on June 8, 2023, and no further options will be granted under this scheme[189]. - A new share option scheme, the 2023 Share Option Scheme, was adopted on June 8, 2023, to provide incentives to eligible participants[190]. - The total number of share options outstanding as of December 31, 2023, is 1,996,930,000, after accounting for options granted, exercised, and lapsed during the year[196]. - The company has received annual independence confirmation from its independent non-executive directors, who are still considered independent as of the report date[176]. - There were no significant transactions or contracts involving directors or their connected entities during the year[180]. Future Outlook and Strategic Initiatives - The Group plans to explore opportunities in new energy vehicles and artificial intelligence technology sectors due to increasing environmental awareness[108][112]. - The Group's performance analysis and future developments are discussed in the "Chairman's Statement and Management Discussion and Analysis" section of the annual report[138].

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was HKD 90,160,000, a decrease of 67.5% compared to HKD 277,840,000 in 2022[2] - The company reported a gross profit of HKD 72,880,000, down 54.7% from HKD 160,799,000 in the previous year[3] - The net loss for the year was HKD 133,851,000, compared to a net loss of HKD 106,056,000 in 2022, representing a 26.2% increase in losses[4] - The basic and diluted loss per share was HKD 0.80, compared to HKD 0.67 in the previous year[4] - The company reported a total loss of HKD 133,851,000 for the fiscal year, with a pre-tax loss of HKD 133,756,000[21] - The pre-tax loss for the year was approximately HKD 133.8 million, compared to a pre-tax loss of HKD 103.3 million in the previous year, primarily due to a substantial decrease in revenue from debt capital market services[74] - The company recorded a net loss of approximately HKD 2,967,000 from the step acquisition, including inventory impairment losses of about HKD 2,962,000[67] Revenue Breakdown - For the fiscal year ending December 31, 2023, total revenue was HKD 90,160,000, with contributions from financial investments and services at HKD 24,086,000, brokerage and commission at HKD 54,037,000, and corporate and other at HKD 12,037,000[21] - For the fiscal year ending December 31, 2022, total revenue was HKD 277,840,000, with financial investments and services contributing HKD 81,413,000, brokerage and commission at HKD 187,005,000, and corporate and other at HKD 9,422,000[22] - The company participated in 31 debt issuances during the year, with a total issuance size of approximately USD 2.2843 billion, and earned placement commission income of approximately HKD 39.5 million from debt capital market services[79] Assets and Liabilities - The company's total assets decreased to HKD 1,586,024,000 from HKD 2,053,900,000, a decline of 22.7%[6] - Current assets were reported at HKD 810,447,000, down 42.6% from HKD 1,416,334,000 in the previous year[6] - The total liabilities decreased to HKD 809,340,000 from HKD 1,048,845,000, a reduction of 22.8%[7] - The company's equity decreased to HKD 776,684,000 from HKD 1,105,074,000, a decline of 29.8%[7] - Total assets as of December 31, 2023, amounted to HKD 1,040,024,000, while total liabilities were HKD 263,340,000[21] - The overdue loan balance increased to HKD 267,485,000 in 2023 from HKD 45,278,000 in 2022, while the non-overdue balance was HKD 171,134,000[49] Expenses and Cost Management - Administrative expenses decreased to HKD 165,781,000 from HKD 176,868,000, a reduction of 6.2%[3] - Interest income from lending activities was HKD 27,403 thousand in 2023, down from HKD 31,908 thousand in 2022, a decrease of approximately 14.0%[31] - Total financial expenses decreased to HKD 13,495 thousand in 2023 from HKD 25,838 thousand in 2022, a reduction of about 47.8%[33] - The company’s management fee income decreased to HKD 14,119 thousand in 2023 from HKD 33,894 thousand in 2022, a decline of approximately 58.4%[31] Shareholder Information - The company did not declare any dividends for the fiscal year[3] - The company did not recommend any final dividend for the year, consistent with the previous year[37] - The weighted average number of ordinary shares issued for basic and diluted loss per share was 16,604,689 for the year ended December 31, 2023, compared to 15,980,612 for the previous year[41] - The company’s total issued shares increased to 16,757,250,461 in 2023 from 16,293,850,461 in 2022, an increase of approximately 2.8%[65] Market and Economic Conditions - The Hong Kong economy showed signs of recovery with a GDP growth of 3.2% year-on-year, reversing a contraction of 3.7% in 2022[75] - The Hang Seng Index decreased from 19,570 points at the beginning of the year to 17,047 points at the end of the year, reflecting a significant drop in investor sentiment[76] - The outlook for the global economic recovery remains uncertain due to anticipated U.S. interest rate hikes and geopolitical tensions[108] Strategic Initiatives - The company plans to continue enhancing its services and expanding its service range in the debt capital market sector[79] - The company aims to maintain a prudent credit policy and risk management approach to achieve sustainable business development[78] - The company plans to expand into the rapidly growing sectors of new energy vehicles and artificial intelligence technology[108] Compliance and Governance - The independent auditor, Dahuama Shiyun, confirmed that the preliminary announcement figures align with the audited consolidated financial statements for the year[123] - The board of directors includes key executives such as Chairman Chen Xiaodong and CEO Li Jing, indicating strong leadership[125] - The announcement date is March 27, 2023, reflecting the company's commitment to timely financial reporting[124]